LMEDIUM SIGNALFINANCIAL10-K

L demonstrated strong financial performance with net income rising 17.9% to $1.7B while significantly accelerating share buybacks by 32.6% to $806M, alongside routine business description updates and share count reduction.

The combination of solid earnings growth and increased capital returns suggests management confidence in the business trajectory and commitment to shareholder value creation. The 3.2% reduction in outstanding shares (from 212.9M to 206.1M) demonstrates effective execution of the buyback program, which should provide earnings-per-share tailwinds going forward.

Comparing 2026-02-10 vs 2025-02-11View on EDGAR →
FINANCIAL ANALYSIS

L delivered robust financial results with net income increasing 17.9% to $1.7 billion, demonstrating strong operational performance. The company significantly ramped up shareholder returns through share buybacks, increasing repurchases by 32.6% to $806 million, which successfully reduced the outstanding share count by approximately 6.8 million shares. This combination of earnings growth and aggressive capital allocation reflects a financially healthy company with strong cash generation capabilities and management's confidence in delivering sustained value to shareholders.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+32.6%
$608.0M→$806.0M

Share repurchases increased 32.6% — management returning capital, signals confidence in intrinsic value.

Net Income
P&L
+17.9%
$1.4B→$1.7B

Net income grew 17.9% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-02-10
PRIOR — 2025-02-11
ADDED
As of February 6, 2026 , there were 206,052,874 shares of the registrant s common stock outstanding.
Risks Related to Us and Our Subsidiary, Boardwalk Pipeline Partners, LP ( Boardwalk Pipelines ) Extensive regulation by the Federal Energy Regulatory Commission ( FERC ) of Boardwalk Pipelines natural gas transportation and storage operations and ethane transportation services; Actual results from Boardwalk Pipelines construction and growth projects not meeting its forecasts; Changes in U.S.
CNA accounted for 81.2% , 81.5% and 83.6% of our consolidated total revenue for the years ended December 31, 2025, 2024 and 2023.
Specialty Specialty provides management and professional liability and other property and casualty coverages, products and services using a network of retail and wholesale brokers, independent agents and managing general underwriters.
Warranty and Alternative Risks : Warranty and Alternative Risks provides extended service contracts and related insurance products covering mechanical breakdown and similar losses for vehicles, portable electronics and other consumer goods.
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REMOVED
As of February 7, 2025, there were 212,861,300 shares of the registrant s common stock outstanding.
CNA accounted for 81.5% , 83.6% and 84.6% of our consolidated total revenue for the years ended December 31, 2024, 2023 and 2022.
Specialty Specialty provides management and professional liability and other coverages through property and casualty products and services using a network of brokers, independent agencies and managing general underwriters.
Warranty and Alternative Risks : Warranty and Alternative Risks provides extended service contracts and insurance products that provide protection from the financial burden associated with mechanical breakdown and other related losses, primarily for vehicles, portable electronic communication devices and other consumer goods.
Service contracts are generally distributed by commission-based independent representatives and sold by auto dealerships and retailers in North America to customers in conjunction with the purchase of a new or used vehicle or new consumer goods.
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